State Bank of India (SBI) has hiked fixed deposit interest rates for certain tenures on retail deposits (up to ₹2 crore). According to the bank’s website, the new fixed deposit interest rates are effective from May 15, 2024.
As per the new FD rate hike, State Bank of India has hiked interest rates by 75 basis points (bps) for deposits maturing between 46 days to 179 days, from 4.75% to 5.50% for general customers and from 5.25% to 6% for senior citizens.
State Bank of India Interest
Also, State Bank of India (SBI) offers variable fixed deposit (FD) interest rates based on the tenure of the deposit.
For short term deposits between 7 days and 45 days, the interest rate is 3.50%. For deposits between 46 days and 179 days, the rate increases to 5.50%.
From 180 days to 210 days, the interest rate is 6.00%. Deposits from 211 days to less than one year will get interest rate of 6.25%. For a term of 1 year to less than two years, the interest rate is higher at 6.80%.
The rate for deposits from 2 years to less than three years peaks at 7.00%. For terms of 3 years to less than five years, the interest rate drops to 6.75%. Finally, for long-term deposits of five years to 10 years, the interest rate is 6.50%.
SBI Senior Citizen Interest Rate
State Bank of India offers an additional 50 basis points (bps) on Senior Citizens (SBI) Fixed Deposits.
Following the recent rate hike, SBI is offering senior citizens interest rates ranging from 4% to 7.5% for seven-day to ten-year deposit schemes. Specifically, 4% for deposits from 7 days to 45 days, 6.00% from 46 days to 179 days and 6.5% for terms from 180 days to 210 days.
Deposits from 211 days to less than one year earn 6.75%. For 1 year to less than two years, the rate is 7.30%, while for deposits of 2 years to less than three years, the maximum rate is 7.50%.
For tenure of 3 years to less than five years, the interest rate is 7.25% and for long term deposits of 5 years to 10 years, the rate is 7.50%.
HDFC Bank
HDFC Bank, India’s largest lender, offers an interest rate of 7.25% per annum for a tenure of 18 to 21 months.
This rate is applicable for deposits below Rs.2 crore. For senior citizens, the bank offers an additional interest rate of 0.5%. According to the bank’s website, senior citizen rates are not applicable for overseas Indians. It may be noted that HDFC Bank revised its Fixed Deposit (FD) rates in February this year.
